Using credits cards to pay off Judgment

Using credits cards to pay off Judgment

I still in the process of building up my credit, I tried to borrow the money to pay off my judgment but my bank wouldn't lend it to me. I had to use my credit card to to pay it off cause it was going to stay on there another 7 years if I didn't pay it. My question is with this affect my score my almost maxing out my credit card or will this in prove it cause of the old debt will be gone next year? I plan to pay the credit card low as possible with a 3 month window to avoid my score to go back down.

Re: Using credits cards to pay off Judgment

Hi, welcome to the forums!

You will definitely be hurt by the nearly 100% util, but the damage will be temporary, as you plan to pay it down/ off in three months. The FICO scoring formula doesn't have a memory for utilization, so once it's back where it was, the scores will no longer be affected.

Will the judgment actually be removed from your reports, or will it continue to report, just now showing as "paid"?

Re: Using credits cards to pay off Judgment

haulingthescoreup wrote:Hi, welcome to the forums!

You will definitely be hurt by the nearly 100% util, but the damage will be temporary, as you plan to pay it down/ off in three months. The FICO scoring formula doesn't have a memory for utilization, so once it's back where it was, the scores will no longer be affected.

Will the judgment actually be removed from your reports, or will it continue to report, just now showing as "paid"?

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.